Today's Scoop:

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Here’s what you need to know today…

1. Negotiations over the country’s debt are progressing positively.

2. Rising mortgage rates are deterring home buyers.

3. The housing market may turn around later this year.

S&P 500: 4,158.77
1Mo: +1% | 1Yr: +6% | 5Yr: +53%

The market drifted higher today following better-than-feared corporate updates and optimism for successful debt ceiling negotiations. April-end quarterly reports from big consumer companies like TJ Maxx and Target depicted a pretty resilient shopper, despite some belt-tightening.

Rising mortgage rates are deterring home buyers. The Mortgage Bankers Association reported a 5% drop last week in new home purchase applications, now down 26% from a year ago. The average 30-year mortgage rate is down from its 7% peak but has started climbing again, now 6.6%.

There’s hope for the housing market later in the year. Construction permits for new single-family homes rose to a seven-month high in April and new home construction also gained. Yesterday, we heard homebuilder sentiment turned positive for the first time in months. Home supply is very low, so more construction could help bring prices down.

Leaders in Washington signaled progress on debt ceiling negotiations. The White House and Congress are working to agree on terms for raising the limit on the country’s borrowing. Treasury Secretary Yellen warned the country could run out of money by June 1st.

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• Disney fires back in political battle with FL Gov DeSantis 

• Oatly challenges Big Milk to a climate impact showdown

• Microsoft makes a big bet on carbon capture [🤓]

• Target sales slowed by frugal shoppers

• Dollar General pressured to improve worker wages and safety

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Carbon Capture

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Here are our top priorities for today’s challenges:

1. Rising Rates & More Layoffs: Make sure you have an emergency savings in cash. Use SaveBetter to make sure your savings account pays you at least 4%.

2. Higher Living Costs & Tighter Budgets: Make sure to avoid debt by tracking your spending, building savings, and spending carefully. We use Guac to save while spending and get cash back on 200+ brands.

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4. Hidden Opportunities: Down markets are a good time to hunt for bargains if you have the savings. We’ve found a lot of success from Motley Fool’s stock picks.

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